One of the most prominent developers in Jersey City’s Journal Square will soon begin construction on two new high-rises that will add a combined 1,126 in apartments to the burgeoning neighborhood.
Tyko Capital recently announced they have secured $358 million in financing for Namdar Group, who are behind several glass-heavy developments already open in Jersey City. The cash will help them begin construction on two mixed-use projects 29 Van Reipen and 612 Pavonia Avenue.
Newmark’s Jordan Roeschlaub, Nick Scribani and Max Ralby negotiated the deal on behalf of the Great Neck, New York-based developer, who are behind other completed developments in the area that include 9 Homestead Place, 28 Cottage Street, and 26 Van Reipen.
Namdar’s upcoming development at 29 Van Reipen is slated to rise 27 stories and include 696 residential units plus nearly 3,100 square feet of commercial space and 19,380 square feet of retail. The lot slated to be home to that portion of the work has already been cleared.
Just down the street, Namdar’s other development that was given the financing at 612 Pavonia Avenue will also rise 27 stories but include slightly less housing at 432 units while adding 4,500 square feet of retail and 3,295 square feet for a professional office spa.
Many of Namdar’s developments are being linked by Homestead Place, a new pedestrian plaza that is being created along a former side street roadway. Several portions are already open at the plaza, which hopes to be Journal Square’s answer to the Downtown stretch of Newark Avenue.
The company has not released an exact timeline for the construction of either tower, but some early work has already begun at both properties. Namdar has been building at a brisk pace since Jersey Digs broke the news in 2020 about a total of six towers they had planned for the area.
